TECS vs. SPUU
TECS (Direxion Daily Technology Bear 3X Shares) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds from Direxion - TECS tracks the Technology Select Sector Index (-300%) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, TECS returned -61.11%/yr vs 23.63%/yr for SPUU. At a correlation of -0.87, they often move in opposite directions. TECS charges 1.08%/yr vs 0.60%/yr for SPUU.
Performance
TECS vs. SPUU - Performance Comparison
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Returns By Period
In the year-to-date period, TECS achieves a -54.72% return, which is significantly lower than SPUU's 15.75% return. Over the past 10 years, TECS has underperformed SPUU with an annualized return of -61.11%, while SPUU has yielded a comparatively higher 23.63% annualized return.
TECS
- 1D
- 3.30%
- 1M
- 13.51%
- 6M
- -53.35%
- YTD
- -54.72%
- 1Y
- -67.34%
- 3Y*
- -58.77%
- 5Y*
- -55.06%
- 10Y*
- -61.11%
SPUU
- 1D
- -2.09%
- 1M
- 0.56%
- 6M
- 12.69%
- YTD
- 15.75%
- 1Y
- 33.98%
- 3Y*
- 31.33%
- 5Y*
- 18.27%
- 10Y*
- 23.63%
TECS vs. SPUU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | -54.72% | -62.44% | -49.76% | -74.45% | 45.05% | -67.92% | -87.79% | -73.77% | -19.14% | -60.81% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 15.75% | 26.55% | 44.25% | 47.28% | -38.72% | 61.27% | 21.85% | 66.84% | -14.59% | 44.33% |
Correlation
The correlation between TECS and SPUU is -0.86, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.87 |
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014 | -0.87 |
The correlation between TECS and SPUU has been stable across timeframes, ranging from -0.90 to -0.86 - a consistent structural relationship.
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Return for Risk
TECS vs. SPUU — Risk / Return Rank
TECS
SPUU
TECS vs. SPUU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bear 3X Shares (TECS) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TECS | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.26 | ||
| Sortino ratioReturn per unit of downside risk | -3.49 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.24 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 1.88 | -2.76 |
| Martin ratioReturn relative to average drawdown | -1.66 | 7.75 | -9.41 |
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Drawdowns
TECS vs. SPUU - Drawdown Comparison
The maximum TECS drawdown since its inception was -100.00%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for TECS and SPUU.
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Drawdown Indicators
| TECS | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -59.35% | -40.65% |
Max Drawdown (1Y)Largest decline over 1 year | -76.16% | -18.19% | -57.97% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -35.18% | -61.04% |
Max Drawdown (5Y)Largest decline over 5 years | -98.82% | -46.59% | -52.23% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | -59.35% | -40.64% |
Current DrawdownCurrent decline from peak | -100.00% | -4.62% | -95.38% |
Average DrawdownAverage peak-to-trough decline | -96.77% | -9.45% | -87.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.54% | 4.39% | +36.15% |
Volatility
TECS vs. SPUU - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 28.57% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 7.10%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TECS | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.57% | 7.10% | +21.47% |
Volatility (6M)Calculated over the trailing 6-month period | 62.74% | 20.23% | +42.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.73% | 25.36% | +48.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.32% | 33.69% | +42.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.13% | 35.75% | +37.38% |
TECS vs. SPUU - Expense Ratio Comparison
TECS has a 1.08% expense ratio, which is higher than SPUU's 0.60% expense ratio.
Dividends
TECS vs. SPUU - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 7.16%, more than SPUU's 1.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.36% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
TECS Direxion Daily Technology Bear 3X Shares | 7.16% | 5.83% | 5.24% | 7.52% | 0.00% | 0.00% | 1.50% | 2.40% | 0.72% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TECS and SPUU have a correlation of -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECS has higher volatility (28.57%) compared to SPUU (7.10%). In terms of maximum drawdown, TECS dropped -100.00% vs SPUU's -59.35%.
On 10-year performance, SPUU leads with 23.63% vs -61.11% for TECS. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 7.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPUU has performed better with a 23.63% return vs -61.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.60% expense ratio, compared with 1.08% for TECS.
TECS has the higher dividend yield at 7.16%, compared with 1.36% for SPUU.
TECS tracks Technology Select Sector Index (-300%), while SPUU tracks S&P 500 Index (200% Daily). Their fees differ too: 1.08% for TECS and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (1.35 vs -0.92), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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